April 4 (Reuters) - Australia's GrainCorp Ltd GNC.AX on Thursday said it will separate its global malting business into a new company, which will be listed on the Australian stock exchange.
The new company, dubbed MaltCo, will consist of GrainCorp's malting and craft brewing distribution business, the company said in a statement.
If the separation goes through, the company's shareholders will receive MaltCo shares in proportion to their shareholdings in GrainCorp, while also retaining their GrainCorp shares.